Hostess hopes to sweeten turnaround with new CEO

IRVING, Texas — Hostess Brands has appointed Gregory Rayburn as president and CEO. He also was named to the company’s board of directors. Rayburn replaces Brian Driscoll, whose resignation was effective March 9.

As CEO, Rayburn will oversee the company’s reorganization under Chapter 11 as well as overall corporate strategy and ongoing negotiations with the company’s unions. He joined Hostess last month as the company’s chief restructuring officer.

Rayburn has more than 29 years of experience working with troubled businesses in their efforts to create and maximize value for all stakeholders. He has served as CEO, COO or CRO of several high-profile companies, including Indianapolis Downs, LLC; New York City Off Track Betting Assn.; Magna Entertainment Corp.; AAIPharma Services and Sunterra Corp. He served as CRO for WorldCom during what was then the largest U.S. bankruptcy filing in history.

Rayburn is a former director of The Great Atlantic & Pacific Tea Co. and holds an M.A. in accounting and a B.S. in business and marketing from the University of Alabama.